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  • SAMA licenses STC Bank to start operations in Saudi Arabia

    The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

  • MBC Studios Announces Feature Adaptation Of Osamah Almuslim’s Saudi Bestseller ‘Travellers’ Hell’

    MBC Studios had unveiled plans for a feature adaptation of Saudi bestseller Travellers’ Hell (Jahim Al-Abirin) by popular writer Osamah Almuslim. Hana Al-Omair, who directed and co-wrote Netflix’s first original series Whispers, has been tapped to direct the fantasy tale. Almuslim will adapt the screenplay from his original work, with filming slated to take place in Saudi Arabia in the first half of 2025. The news was announced on the fringes of the Red Sea Film Festival in Jeddah, where MBC Studios has been out in force this week.

  • SAMA announces launch of Samsung Pay in Saudi Arabia

    The Saudi Central Bank (SAMA) has announced the launch of mobile payment service Samsung Pay in Saudi Arabia, to be carried out through the national payment system, Mada. In a statement picked up Argaam, SAMA noted that this move aligns with Saudi Vision 2030. It is also part of its ongoing efforts to bolster the Kingdom's digital payment ecosystem. Samsung Pay aims to provide a seamless and secure payment experience for users, enabling them to add and manage Mada cards and digital credit cards easily via the Samsung Wallet app.

  • SAMA and Nazaha join hands in combating corruption

    The Saudi Central Bank (SAMA) and the Oversight and Anti-Corruption Authority (Nazaha) signed on Wednesday a memorandum of cooperation aimed to enhance the mechanism of cooperation among the two entities with regard to combating corruption. The memorandum was signed by SAMA Governor Ayman Al-Sayari and Nazaha President Mazen Al-Kahmous. The agreement will deal with crimes of corruption related to financial institutions subject to the supervision and control of SAMA, and covered by Nazaha’s jurisdiction in a manner consistent with the relevant regulatory texts and procedures.

  • SAMA issues compliance and internal audit principles for finance and re-finance companies​​​​​​​

    The Saudi Central Bank (SAMA) announced on Wednesday that it issued the Compliance Principles and Internal Audit Principles for finance and real estate refinance companies, as part of its supervisory role and endeavor to maintain the financial sector's stability and development. These principles set a more comprehensive regulatory framework to define finance and real estate refinance companies' main functions and outline the responsibilities of boards of directors and executive management regarding compliance and internal audit functions.

  • Tamara secures preliminary approval from SAMA for consumer finance license

    Tamara, the leading fintech platform in Saudi Arabia and the GCC, is thrilled to announce that it has received preliminary approval from the Saudi Central Bank (SAMA) for a license to operate in consumer finance and Buy Now Pay Later activities. This significant milestone underscores Tamara's commitment to advancing the fintech sector and enhancing financial services in the region.

  • SAMA Regulations Enhancing Saudi Islamic Banks’ Transparency, Sharia Governance

    Islamic finance-specific rules issued by the Saudi Central Bank (SAMA) over 2020–1H24 are enhancing Islamic banking regulations to some extent, says Fitch Ratings, through better transparency and reporting requirements, standardisation and sharia governance, and increased consumer confidence in the products’ sharia-compliance. While the Saudi Islamic banking market is the largest globally, and we expect the operating environment to be favourable over 2H24–2025, persisting issues include low standardisation, still-developing Islamic-finance regulations, and fragmented disclosures.

  • Al-Samaani: Saudi Arabia is going through a phase of major legislative reforms led by Crown Prince

    Minister of Justice Dr. Walid Al-Samaani emphasized that Saudi Arabia is going through a phase of major legislative development and reforms, led by Crown Prince and Prime Minister Mohammed bin Salman. “This is in a way that ensures strengthening the stability of legal principles, consolidating the values of justice and transparency, increasing predictability of rulings, and achieving legal certainty so as to deliver justice with the highest guarantees and the easiest and most innovative methods,” he said while inaugurating the International Conference of Judicial Training 2024 in Riyadh on Monday. The two-day event is being held under the theme of “The future of judicial training in the age of digital transformation.”

  • SAMA chief warns against dangers of crypto currencies

    The Saudi Central Bank (SAMA) Governor Ayman Alsayari said that crypto currencies and their brokers pose a potential threat to financial stability. “We need good supervision, regulation, and coordination of crypto currency activities. In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies,” he said. 0 seconds of 0 secondsVolume 0% Aksayari made the remarks while addressing a session on the global economy and crypto assets at the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech, Morocco. The meeting was held under the Indian Presidency on Oct. 12-13 on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).

  • SAMA Launches First Edition of Cyber Anti-Fraud Program

    The Saudi Central Bank (SAMA) launched the first edition of the Cyber Anti-Fraud Program (CAFP). The program spans for a period of three-months and aims to train and develop a cohort of trainees, drawn from SAMA and local banks, through intensive cyber fraud education and on-the-field training.